Refinance Calculator

A refinance is when you get a new mortgage to replace your existing one, typically to improve loan terms (rate-and-term refinance) or access property equity (cash-out refinance). It lets you adjust your interest rate, loan duration, or borrow against your property’s value.

A rate-and-term refinance replaces your current loan for one with the goal of improving your terms such as a lower interest rate or shorter repayment period without changing the loan amount. It’s designed to reduce costs or help you pay off your mortgage faster.

A cash-out refinance lets you tap into your property’s equity by taking a new loan out at a higher amount. Typically you need to maintain a certain loan-to-value ratio (LTV), but any remaining equity can be received as cash.

Residential properties such as single-family houses, condos, townhouses, and 2-4 unit multifamily properties in rent-ready condition are eligible for refinance loans.

Foreign nationals without a U.S. credit score can still qualify for a refinance loan. However, if you have a credit score, a minimum credit score of 660 is required. Scores above 720 can often secure better terms. For those with credit, a credit pull will be required during the application process.

Most lenders ask for proof of identity, income documents, and details about the property being refinanced. At Waltz, international investors can typically apply with a passport, recent bank or investment statements, lease information, and LLC documents like an operating agreement and EIN.

A seasoning period is the minimum amount of time (typically six months) a borrower must hold a property or loan before becoming eligible to refinance. With Waltz, there is no seasoning period requirement.

Most lenders take 30–45 days to complete a cash-out refinance. With Waltz’s digital process and remote verification, you can typically close in about 30 days although some of our customers have closed in as little as 14 days.

DSCR is calculated by dividing the property’s monthly rental income by its monthly debt obligations. A ratio above 1.0 means the property earns more than enough to cover its debt.